Yuan Gains Steam In Global Trade

By

Lingling Wei

Updated Oct. 10, 2012 4:54 p.m. ET

BEIJING—Canadian steel importer Direct Alloys Inc. is one of a growing number of foreign businesses switching to the yuan to settle trade with China, a trend that is boosting the currency's global status even though its appreciation is slowing this year.

"When our Chinese suppliers quote us in dollars, we're paying a higher price than we should because they have to take a gamble on the dollars," said Doug Klutz, director of...